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Post-secondary education can be a great investment in your child’s future. But it may be costly.

Average tuition fees for a Canadian university student are around $8,000/year. 

Add on costs for textbooks, transportation, housing and more.  It quickly gets expensive.

How can you ensure your child will be able to afford education after high school?

The key is to start saving early, save regularly and grow those savings over time.

First, set your target date. This is the year that your child will likely start their post-secondary education.

Second, set a target amount that you plan to save each year. The sooner you start, the better.

Third, plan how you’ll invest. This is where RBC Target Education Funds can help. They’re a smart way to give your savings a lift.

Simply choose the fund  that most closely matches your target date.  RBC Global Asset Management does the investing for you.

Your RBC Target Education Fund investment follows a unique timeline.  

At the start, we focus on growth. That means more stocks, fewer bonds.

Then, as your target date draws near, we switch that around. We move you to fewer equities and more bonds.

When it’s time to pay for your child’s education, your RBC Target Education Fund will remain fully invested in cash equivalents so you’ll be ready for those withdrawals.

And here’s one final tip to grow your savings: hold  your RBC Target Education fund inside a Registered Education Savings plan, or RESP.

A RESP offers three important advantages:  

  1. The growth in a RESP isn’t taxed while it stays in the account.
  2. The withdrawals are taxed as income to your child, which is usually at a lower rate.
  3. On top of it all, you’ll receive a Canada Education Savings Grant of up to $500 each year, based on how much you put in, up to a lifetime maximum of $7,200. And  you can invest those grants in your RBC Target Education Fund so it can grow with the rest of your savings.

To learn more about RBC Target Education funds or RESPs, speak to an advisor.

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